Check out the companies making headlines before the bell:
Baker Hughes (BKR) – The oilfield services company reported adjusted earnings of 11 cents a share for the second quarter, just half of what analysts had been forecasting. Revenue also fell below estimates, with Baker Hughes citing various challenges including component shortages and supply chain inflation. Baker Hughes fell 6% in premarket trading.
Biogen (BIIB) – Biogen gained 2.4% premarket after it reported adjusted earnings of $5.25 per share for the second quarter. That was well above the consensus estimate of $4.06 and earnings also beat forecasts. The blow came even as Biogen said it faces increasing generic and biosimilar competition for its drugs Tecfidera and Rituxan.
Netflix (NFLX) – Netflix is up 6.1% in premarket trading after reporting subscriber losses that came in well below expectations. The streaming service also said it added 1 million net new subscribers this quarter. Netflix reported better-than-expected quarterly earnings, though revenue fell slightly short of Wall Street estimates.
Casino shares – Casino operator shares rose premarket after a R report that Macau casinos would reopen on Saturday amid a drop in Covid infections. Las Vegas Sands (LVS) added 1.5% while Wynn Resorts (WYNN) added 1.9%.
Merck (MRK) – Merck fell 1.5% in premarket trading after its cancer drug Keytruda failed to meet its target in a late-stage study focused on patients with head and neck cancer.
Cal-Maine Foods (CALM) — Cal-Maine is up 1% premarket after beating Street forecasts for revenue and earnings last quarter. The country’s largest egg producer was helped by higher egg prices but also saw a rise in feed costs, which it expects to continue into fiscal 2023.
Elevance Health (ELV) – The healthcare and insurance company, formerly known as Anthem, beat second-quarter sales and earnings estimates and raised its full-year outlook. Elevance’s profits were boosted by a strong performance in its pharmacy benefits management unit.
ASML (ASML) – ASML slipped in the premarket market after the Netherlands-based semiconductor manufacturing equipment maker lowered its full-year revenue guidance. ASML reported better-than-expected quarterly earnings but said its customers are becoming a little more cautious in anticipation of softening chip demand.
Omnicom Group (OMC) – Omnicom beat revenue and earnings estimates for the most recent quarter, with the advertising agency also raising its organic revenue growth forecast for the year. Omnicom also said it maintains a “healthy level of caution” to deal with challenging macroeconomic conditions. The stock is up 7.3% premarket.
Comerica (CMA) – The bank’s stock gained 1% premarket after reporting better-than-expected earnings and earnings for the second quarter. Results were supported by strong credit growth and a rising interest rate environment.